5. What are the equilibrium effects of an increase in total factor productivity in the closed- economy one-period macroeconomic model? Select all that apply. a. Employment may increase or decrease. b. Decrease in aggregate output. c. Increase in output. d. Decrease in leisure consumption. e. Increase in the real wage. f. Increase in consumption.

ENGR.ECONOMIC ANALYSIS
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Please see attachment and type out all the correct answer asap with proper explanation of the each option. Thank you

5. What are the equilibrium effects of an increase in total factor productivity in the closed-
economy one-period macroeconomic model? Select all that apply.
a. Employment may increase or decrease.
b. Decrease in aggregate output.
c. Increase in output.
d. Decrease in leisure consumption.
e. Increase in the real wage.
f. Increase in consumption.
Transcribed Image Text:5. What are the equilibrium effects of an increase in total factor productivity in the closed- economy one-period macroeconomic model? Select all that apply. a. Employment may increase or decrease. b. Decrease in aggregate output. c. Increase in output. d. Decrease in leisure consumption. e. Increase in the real wage. f. Increase in consumption.
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